Cement News tagged under: Saudi Arabia
Southern Province Cement 1Q profit falls 3%08 May 2018, Published under Cement NewsSaudi Arabian cement producer Southern Province Cement Co has reported a 2.9 per cent YoY decrease in net profits in the 1Q18. Net profits fell to SAR102m (US$27.2m) in the three-month period ended March 2018, compared to SAR105m in 1Q17, according to the company’s statement to the Saudi Stock Exchange. Southern Province has attributed the drop to a decrease in sales due to lower demand and a lower selling price. Total sales contracted 9.6 per cent to SAR274m from SAR303m in 1Q17. |
Saudi company to invest in Egyptian production lines04 May 2018, Published under Cement NewsA Saudi Arabian company is expected to invest EGP500m (US$28.37m) in three Egyptian production lines, according to Ahmed Abdel Razek, head of the General Authority for Industrial Development. Mr Razek stated that the company has requested 200,000m in the industrial zone of Alexandria's Borg-El-Arab, and the first line will commence in 18 months once the land is allocated. A joint cooperation protocol is expected to be signed between the two parties to exchange expertise and information on ... |
Umm Al Qura Cement announces fall in net profit03 May 2018, Published under Cement NewsSaudi Arabia’s Umm Al Qura Cement Co has announced a 40 per cent YoY fall in net profit for the first quarter of 2018, decreasing to SAR10.2m (US$2.72m) from SAR17m, according to Reuters. However, revenue has increased 9.3 per cent to SAR56.5m, compared to SAR51.7m of the year-ago period. |
Hail Cement reports 49% fall in net profit for 1Q1830 April 2018, Published under Cement NewsSaudi Arabia’s Hail Cement recorded a 48.9 per cent YoY fall in net profit for the 1Q18, decreasing to SAR4.23m (US$1.13m) from SAR8.28m. The company attributed the results to a decline in prices, drop in demand and strong competition, according to a statement to the Saudi Stock Exchange. Despite this, the profit results were a 6.9 per cent QoQ increase. Additionally, sales rose 9.7 per cent to SAR48.73m, compared with SAR44.4m of the year-ago period. |
Arabian Cement announces net loss in 1Q1824 April 2018, Published under Cement NewsArabian Cement has announced a 106 per cent YoY decline in net profit for the first quarter of the year, falling from SAR100.7m (US$26.85m) to a loss of SAR6.1m, according to Reuters. The Saudi Arabian cement company also recorded a 26.6 per cent fall in net sales to SAR199.7m, compared with SAR272.1m of the year-ago period. |
Qassim Cement records fall in net profit for 1Q1819 April 2018, Published under Cement NewsSaudi Arabia’s Qassim Cement Co has announced a 28.7 per cent YoY fall in net profit for the 1Q18, decreasing to SAR57.2m (US$15.25m) from SAR80.2m. Total sales of the company dropped 22.6 per cent to SAR147.9m, compared with SAR191.1m of the year-ago period. Elsewhere, EFG Hermes has forecast that Arabian Cement Co will post a SAR57.6m net profit for the first quarter of 2018. While Eastern Province Cement Co has been predicted to record a SAR32.27m net profit, according to the investment ... |
Yamama Cement announces 53% profit fall in the 1Q1817 April 2018, Published under Cement NewsSaudi Arabia-based Yamama Cement Co has announced a 53 per cent YoY fall in profit to SAR23.8m (US$6.35m) in the 1Q18. The producer attributed the decrease in profit to a drop in demand and a decline in other revenues, according to its statement to the Saudi Stock Exchange. However, Yamama Cement’s profit was a 40.7 per cent increase upon the result of the previous quarter. |
Saudi Arabia cement sales fall 11% in 1Q1813 April 2018, Published under Cement NewsSaudi Arabia's total cement sales for 1Q18 stood at 11.8Mt, down 11 per cent YoY and one per cent QoQ. The combination of weak demand and high inventory levels forced the companies to seek other solutions such as entering other regions within the kingdom as well as exporting with low selling prices. Yanbu Cement’s low cash cost per tonne gives the company the ability to export at lower prices, which is likely not possible for other companies to replicate, says finance research group Al Raj... |
Qassim Cement receives export licence06 April 2018, Published under Cement NewsQassim Cement Co has received a one-year export licence from Saudi Arabia’s Ministry of Commerce and Investment, said the company in a bourse filing. Saudi Arabia cancelled cement export duties from 1 February 2018. In March Yanbu Cement announced it will begin cement and clinker exports this month following the agreement to export 1Mt of clinker and 0.5Mt of cement. |
Yanbu Cement begin cement and clinker exports27 March 2018, Published under Cement NewsYanbu Cement Co has signed a one-year agreement to export 1Mt of clinker and 0.5Mt of cement as of April 2018. The company added that the deal is expected to boost company's revenues by SAR100m (US$26.6m) during FY18. Analysts EFG Hermes estimates that the cement producer will sell cement at SAR140/t (a discount to prevailing 4Q17 price it had reported but substantiated given large quantities) and clinker at SAR65/t (which is close to its cost of SAR60/t). EFG Hermes assume the total agr... |